China Self-Driving Startup WeRide Files for $500 Million US IPO, Sources Say
source link: https://finance.yahoo.com/news/china-self-driving-startup-weride-004432018.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
China Self-Driving Startup WeRide Files for $500 Million US IPO, Sources Say
(Bloomberg) -- Chinese driverless technology startup Guangzhou WeRide Technology Co. has filed confidentially for an initial public offering in the US and is looking to raise as much as $500 million, according to people familiar with the situation.
Most Read from Bloomberg
The Guangzhou-based startup is working with advisers on a potential listing that could take place as early as in the first half of this year, the people said, asked not to be identified discussing a private matter.
Chinese companies have only just resumed pursuing US IPOs in recent months, after Didi Global Inc.’s 2021 listing prompted a crackdown by Beijing on companies with sensitive data selling shares abroad. To address the issue, WeRide will outsource data collection to an entity that won’t be part of the planned US listing, the people said.
Deliberations are ongoing and details of the IPO including size and timing could change, the people said. A representative for WeRide didn’t respond to a request for comment.
WeRide was weighing IPO venues including the US and Hong Kong, Bloomberg News reported last year. The company was valued at about $4.4 billion in a March 2022 fundraising round.
China’s private companies in areas including semiconductors, AI and autonomous driving are poised to benefit from President Xi Jinping’s public backing of the private sector. Facing what Xi described as suppression by the US and other western countries, he urged companies to strengthen innovation and play a bigger role in establishing China’s technology independence.
Founded in 2017, WeRide develops autonomous driving technology and is testing the technology in over 25 cities around the world, its website shows. WeRide produces vehicles including robotaxis, mini buses, vans and street sweepers in addition to its autonomous driving software and hardware solutions. Its headquarters is in Guangzhou and it has operations in Chinese cities including Beijing, Shanghai and Shenzhen, as well as in San Francisco.
- Bloomberg
What Silicon Valley Bank’s Collapse Means for Climate Tech
(Bloomberg) -- As the buoyancy drained out of the tech sector last year, leading to almost 100,000 job cuts in the US, cleantech looked like a bright spot. Investors pumped some $59 billion into climate technology companies in 2022, more than the year before, across 1,182 deals tracked by researchers at BloombergNEF. Most Read from BloombergCredit Suisse Finds ‘Material’ Control Lapses After SEC PromptBonds Rocket, Stocks Steady as Fed Rate Path Eyed: Markets WrapBillionaire Charles Schwab’s For
13h ago - Benzinga
Renault, Nissan, Mitsubishi Backed Guangzhou WeRide Confidentially Files For US IPO
Chinese driverless technology startup Guangzhou WeRide Technology Co has filed confidentially for an initial public offering in the U.S. The company looks to raise up to $500 million, Bloomberg reports citing familiar sources. The listing could take place by the first half of 2023. WeRide proposes outsourcing data collection to an entity not part of the planned U.S. listing to stay clear of regulatory norms. WeRide was weighing IPO venues, including the U.S. and Hong Kong. The company was worth
21h ago - Bloomberg
Crypto Scours the Globe for Banks to Replace Collapsed US Lenders
(Bloomberg) -- Crypto hedge fund executive Marco Lim spent Monday racing to open bank accounts in Hong Kong after the sudden collapse of three US lenders.Most Read from BloombergCredit Suisse Finds ‘Material’ Control Lapses After SEC PromptBonds Rocket, Stocks Steady as Fed Rate Path Eyed: Markets WrapBillionaire Charles Schwab’s Fortune Is Slammed by SVB FalloutGlobal Banking Stocks Hold Steady After $465 Billion SVB WipeoutUS Backstops Bank Deposits to Avert Crisis After SVB FailureThe hedge f
1d ago - TechCrunch
China's robotaxi upstart WeRide confidentially files for IPO
WeRide.ai, one of the most funded Chinese robotaxi operators, has confidentially filed to go public in the U.S., Bloomberg reported on Monday. China's autonomous driving startups have been racking up hefty investments in the past few years to fuel their technology development and fleet deployment, which can take up a big chunk of their costs. WeRide's valuation jumped to $3.3 billion when it raised its Series C round nearly two years ago.
17h ago - Reuters
Financial tremors now muddying Fed inflation debate
U.S. Federal Reserve officials meet next week again chasing persistent inflation but now balancing that against the first acute tremors from the aggressive interest rate hikes the central bank approved over the past year. The sudden failure of Silicon Valley Bank last week isn't expected to prevent the Fed from continuing to raise interest rates at its March 21-22 meeting, with inflation still running far above the Fed's 2% target and Fed chair Jerome Powell indicating monetary policy might need to become even more aggressive. But it could add a dose of caution to the policy debate and undermine the sense, common among officials so far, that Fed policy had not caused anything to "break" in an economy where spending and job growth have seemed immune to the impact of higher interest rates.
1d ago - MarketWatch
20 banks that are sitting on huge potential securities losses — as was SVB
SVB Financial faced a perfect storm, but there were plenty of other banks with high levels of unrealized securities losses as of Dec. 31.
1d ago - Bloomberg
Moody’s Puts First Republic, Five US Banks on Downgrade Watch
(Bloomberg) -- Moody’s Investors Service placed First Republic Bank and five other US lenders on review for downgrade, the latest sign of concern over the health of regional financial firms following the collapse of Silicon Valley Bank.Most Read from BloombergCredit Suisse Finds ‘Material’ Control Lapses After SEC PromptBonds Rocket, Stocks Steady as Fed Rate Path Eyed: Markets WrapBillionaire Charles Schwab’s Fortune Is Slammed by SVB FalloutGlobal Banking Stocks Hold Steady After $465 Billion
8h ago - TipRanks
‘Buy the Dip in Bank Stocks,’ Goldman Sachs Says. Here Are 2 Names to Consider
Last week ended with the worst day for bank stocks since the financial crisis of 2008. The collapse of Silicon Valley Bank, the country’s 16th largest banking firm and the lender of first resort for the start-ups of California’s tech world, has sparked fears of a larger bank run, or even a repeat of the systemic financial troubles. That’s the worst-case worries – but according to Goldman Sachs’ chief credit strategist, Lotfi Karoui, these fears may be overblown. “We think the risk of contagion f
1d ago - Benzinga
Jeff Bezos, George Soros, Mark Cuban, and Ray Dalio All Have One Thing in Common: They're Making a Big Bet on This Industry
When billionaires jump on the same trend, it’s important for investors to take notice. The pieces often don’t come together immediately, but these investors have millions of dollars in resources dedicated to getting the most up-to-date information as quickly as possible. They might see trends months in advance that others might not notice until it’s too late. Hedge fund manager George Soros is a polarizing figure, but you’d be foolish not to take notice of some of his investing trends. The Soros
18h ago - Yahoo Finance
Stocks moving in after-hours: United Airlines, First Republic, Charles Schwab
These are the stocks making moves after the bell.
14h ago - Bloomberg
US Shouldn’t Have Bailed Out SVB Depositors, Say Investors Like Ken Griffin and Carson Block
(Bloomberg) -- The US government’s emergency decision to backstop the financial system after the collapse of Silicon Valley Bank has earned praise from prominent names including Larry Summers and Bill Ackman.Most Read from BloombergCredit Suisse Finds ‘Material’ Control Lapses After SEC PromptBonds Rocket, Stocks Steady as Fed Rate Path Eyed: Markets WrapBillionaire Charles Schwab’s Fortune Is Slammed by SVB FalloutGlobal Banking Stocks Hold Steady After $465 Billion SVB WipeoutUS Backstops Bank
6h ago - TheStreet.com
Charles Schwab, Snagged Into Banking Mess, Could Be a Bargain
As fear ripples through the banking industry, Charles Schwab was swept into the mess last week and continued to sink Monday. The stock is now down around 30% for the past few days and around 35% for the year, over concerns of mark-to-market losses on its held-to-maturity bond portfolio. Schwab has faced a steady flight of cash from accounts in search of higher returns in money markets and other instruments, which it calls cash sorting.
19h ago - Barrons.com
Bank of America Has Biggest Losses in Bond Portfolio Among Peers
The bank was sitting on an unreallized loss of nearly $109 billion in a large bond portfolio at the end of 2022
16h ago - Investor's Business Daily
Schwab Stock Drops Amid Financial Freakout — Is Your Money Safe?
Looks like the financial stock market freakout is taking down more than just regional banks. Charles Schwab is feeling the heat too.
15h ago - TheStreet.com
Bank of America and Wells Fargo: Here's How I'm Trading This Bank Mess
I sold half of my bank positions last week before news of the SVB collapse. This is my plan for them now.
23h ago - TipRanks
Down More Than 30%: Insiders Call a Bottom in These 2 Regional Bank Stocks
The week got off to a rocky start as the markets digested the collapse of Silicon Valley Bank last week, and the Federal regulators’ shutdown of Signature Bank over the weekend. Sparking fears of contagion, on Monday, stocks in the banking sector saw shares drop dramatically, as investors scrambled to figure out the new patterns of risk and reward. The effect was most pronounced among the mid-sized and regional banking firms. In that niche, sudden drops in share value prompted trading halts for
3h ago - Barrons.com
Rivian Stock Falls on Amazon News. It Might Be an Overreaction.
Amazon told Barron's it is committed to Rivian and still plans to purchase 100,000 Rivian vans by 2030.
13h ago - Barrons.com
Credit Suisse Stock Drops. Annual Report Uncovers Weak Financial Controls.
The report had been delayed after the Securities and Exchange Commission raised questions about the bank's cash flow statements in 2019 and 2020. Shares are languishing near a record low.
51m ago - TheStreet.com
SVB: Financier Bill Ackman Expects Other Banks to Collapse
Hedge fund manager says regulators' emergency plan won't be enough to avert further failures after Silicon Valley Bank shutdown.
1d ago - Barrons.com
These Stocks Are Moving the Most Today: First Republic, United Airlines, GitLab, Uber, Amylyx, and More
First Republic trades higher after closing down nearly 62% on Monday, United Airlines issues a first-quarter profit warning, and a revenue forecast from software company GitLab misses analysts' expectations.
38m ago - The Telegraph
Credit Suisse warns of ‘material weakness’ in financial controls
Credit Suisse has identified “material weaknesses” in its reporting and controls procedures for the last two years in the latest blow to the scandal-hit lender.
3h ago - Yahoo Finance
Wall Street analysts make big calls on bank stocks in wake of SVB failure
Let the wagers begin.
20h ago - TheStreet.com
3 Regional Bank Stocks to Buy After SVB's Collapse
The failure of Silicon Valley Bank has sent shockwaves through the U.S. banking industry, particularly affecting smaller banks. The SPDR S&P Regional Banking ETF has declined over 20% just in the past week on fears of contagion. Investors are selling bank stocks indiscriminately in this environment, but this could be an opportunity for dividend investors.
3h ago - Zacks
Should Investors Buy Disney or Netflix Stock on the Dip?
Two popular stocks that investors may consider are Disney (DIS) and Netflix (NFLX), let's see if it's time to buy either of these consumer discretionary giants after last week's selloff.
14h ago - Reuters
US expected to report strong consumer price increases in February
U.S. consumer prices likely rose at a solid pace in February amid sticky rental housing costs, but economists are divided on whether the data will be enough to push the Federal Reserve to hike interest rates again next week after the failure of two regional banks. The report from the Labor Department on Tuesday, which is also expected to show goods inflation picked up in part due to an anticipated rebound in prices of used motor vehicles, will be published amid financial market turmoil triggered by the collapse of Silicon Valley Bank in California and Signature Bank in New York, which forced regulators to take emergency measures to shore up confidence in the banking system. It will also be released a week before the Fed begins a two-day policy meeting, and follow on the heels of a report last Friday showing a still-tight labor market, but cooling wage inflation.
8h ago - Yahoo Finance
Stock market news today: Futures march higher, regional banks rally ahead of CPI
U.S. stock futures edged higher Tuesday morning ahead of critical inflation data, with regional bank stocks rallying, clawing back some of its losses in the wake of the SVB fallout.
1h ago - TheStreet.com
Three U.S. Banks Down. One More in Focus. Does It End Here?
Silvergate, Silicon Valley Bank and Signature Bank collapsed in the same week. All eyes are now on First Republic Bank.
19h ago - Fortune
Top economist Mohamed El-Erian says unlimited deposit guarantee will be hard to reverse after SVB fallout: ‘We are now in a different world’
The economist also said that the Fed will likely now “retreat” on interest rate hikes.
19h ago - Investopedia
Top 5 Positions in Warren Buffett's Portfolio
Warren Buffett is undeniably the most famous and influential investor in modern history, based on his extraordinary performance record. Not surprisingly, the investment portfolio of Berkshire Hathaway Inc. (BRK.A), the holding company employing the Oracle of Omaha as chairman and CEO, receives wide media attention and scrutiny, even though Buffett is no longer making every investment decision. Despite his unparalleled success, Buffett's investment model has long been transparent, straightforward, and consistent.
16h ago - Forkast News
Bitcoin jumps above US$24,000, leading crypto gains as U.S. acts to backstop banks
Bitcoin continued to gain in morning trading in Asia, as regulators acted to backstop the U.S. banking industry. Most of the top 10 cryptocurrencies gained.
9h ago - MoneyWise
Make sure you don't retire until you have these 3 things fully paid off — and no, your mortgage isn't one of them
Leaving these accounts open could tarnish your golden years.
18h ago - Bloomberg
First Republic, PacWest Lead US Bank Rebound From Post-SVB Rout
(Bloomberg) -- Regional US bank stocks rallied on Tuesday, set to claw back some losses from the six-day selloff seen in the wake of Silicon Valley Bank’s collapse, as concern eased about wider contagion in the financial system.Most Read from BloombergCredit Suisse Finds ‘Material’ Control Lapses After SEC PromptBonds Rocket, Stocks Steady as Fed Rate Path Eyed: Markets WrapBillionaire Charles Schwab’s Fortune Is Slammed by SVB FalloutGlobal Banking Stocks Hold Steady After $465 Billion SVB Wipe
2h ago - Yahoo Finance
Charles Schwab stock falls as it assures company is 'well-positioned' amid financial sector turmoil
Charles Schwab's stock fell as much as 23% on Monday, its biggest daily decline on record despite assurances the financial services company has enough liquidity.
16h ago - Barrons.com
GE HealthCare Stock Climbs. It’s Becoming a Wall Street Star.
Evercore ISI analyst Vijay Kumar initiated coverage of the company with an Outperform rating and a target of $90 for the price.
18h ago - TheStreet.com
As We Exit One Stock, We're Adding to 2 Others
In the very near-term, any moves we make will be those that continue to be backed by long-term tailwinds.
19h ago - Fox Business
Silicon Valley Bank had more red flags than a CCP meeting but regulators cared about climate not bank risks
The collapse of Silicon Valley Bank on Friday leaves Americans with lots of questions. Weren't bank regulations designed to prevent an event like this? Where were the regulators?
1d ago - MoneyWise
Elon Musk just said he's 'open to the idea' of buying Silicon Valley Bank after its collapse — but is he serious? Here are 3 other ways to bet alongside the billionaire
Elon's juiciest Silicon Valley opportunity yet?
23h ago - TheStreet.com
Stocks Higher, Inflation On Deck, First Republic Rebounds, SVB Sale Plans, Boeing Dreamliner Deal - Five Things To Know
Stocks futures edge higher as SVB collapse echoes through global markets; February inflation report in focus as Fed rate bets crumble; First Republic rebounds as regional banks fight to assure fleeing depositors; Feds to auction SVB assets as new team takes over failed bank and Boeing nears $37 billion Dreamliner sale to Saudi Arabia.
2h ago - Bloomberg
With Signature Bank’s Collapse, US Reformer Barney Frank Watches His Own Lender Fail
(Bloomberg) -- It was a seemingly unthinkable scene: Barney Frank, co-author of the Dodd-Frank Act, the radical overhaul of the banking system after the 2008 global financial crisis, was having his very own Dick Fuld moment.Most Read from BloombergBonds Rally, Stocks Steady as Fed Rate Path Mulled: Markets WrapFed’s New Backstop Shields Banks From $300 Billion of LossesSignature Seized by Regulators as Pain Spreads From SVB’s FallFDIC Auction for Failed SVB Underway, Final Bids Due SundayUS Disc
23h ago - Bloomberg
The Interest Rate Hiking Cycle Is Seen as Close to Done
(Bloomberg) -- Global bond markets have declared that the steepest global monetary tightening campaign in a generation is as good as done. Most Read from BloombergCredit Suisse Finds ‘Material’ Control Lapses After SEC PromptBonds Rocket, Stocks Steady as Fed Rate Path Eyed: Markets WrapBillionaire Charles Schwab’s Fortune Is Slammed by SVB FalloutGlobal Banking Stocks Hold Steady After $465 Billion SVB WipeoutUS Backstops Bank Deposits to Avert Crisis After SVB FailureIn the span of days, trade
28m ago
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK